COVID-19 Impact on Rubber Chemical Market
- The COVID-19 outbreak has hampered the tire industry. This has adversely affected the rubber chemical market. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for rubber chemicals.
- Key players operating in the rubber chemical market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these companies are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of the rubber chemical market.
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- The COVID-19 outbreak has directly affected the production and demand for rubber chemical. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Rubber Chemical Market
- Anti-degradants, accelerators, flame retardants, processing aids, vulcanizing agents, stabilizers, blowing agents, and adhesion promoters are some of the common types of chemicals that are utilized in rubber processing
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- Tire is a highly lucrative segment for the rubber chemical market
Restraints of Rubber Chemical Market
- Enactment of stringent environmental laws against pollution by regulatory agencies such as the Environmental Protection Agency (EPA), the U.S., and the European Union (EU) on rubber processing industries is anticipated to hamper the rubber chemical market in the near future
- Occupational hazards to workers in rubber processing plants are also likely to hinder the demand for rubber chemicals, due to the availability of substitutes
Competitive Landscape of Global Rubber Chemical Market
Major players operating in the rubber chemical market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations.
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The market is currently witnessing fierce competition among several leading players. Key players operating in the market include BASF Corporation, China Sunsine Chemical Holdings Ltd., Arkema, Behn Meyer Holdings AG, Eastman Chemical Company, Lanxess AG, Merchem Limited, Solvay Group, Sumitomo Chemical, Vanderbilt Chemicals LLC, and NOCIL ltd.
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